PVR to raise Rs 250 crores via non-convertible debentures

Multiplex chain PVR Ltd is looking to raise up to Rs 250 crore through issue of non-convertible debentures to fund various activities, including acquisitions.

The company is seeking nod from shareholders to approve the matter at its annual general meeting to be held on September 29.

“Based on the needs of funds, the company may issue fresh non-convertible debentures (NCDs) for a sum not exceeding Rs 250 crore for inorganic growth opportunities, for capital expenditures, to refinance the high cost of borrowings and for corporate and all other business needs of the company,” PVR Ltd said in a BSE filing.

In order to expedite the raising of the funds, the company is seeking approval of the members to authorise its board for the issue and allotment of the NCDs, the filing added.

Earlier this year, PVR had completed acquisition of 32 screens of DT cinemas at a revised consideration of Rs 433 crore after Competition Commission directed the companies to exclude certain assets from the deal to address anti-competitive concerns